KLP Kapitalforvaltning AS Buys 25,700 Shares of Public Service Enterprise Group Incorporated $PEG

KLP Kapitalforvaltning AS lifted its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 8.2% in the 3rd quarter, HoldingsChannel reports. The firm owned 339,909 shares of the utilities provider’s stock after buying an additional 25,700 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Public Service Enterprise Group were worth $28,369,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of PEG. TFB Advisors LLC lifted its holdings in Public Service Enterprise Group by 4.8% in the second quarter. TFB Advisors LLC now owns 2,611 shares of the utilities provider’s stock worth $220,000 after buying an additional 119 shares during the period. HM Payson & Co. raised its position in shares of Public Service Enterprise Group by 3.3% in the 3rd quarter. HM Payson & Co. now owns 3,755 shares of the utilities provider’s stock worth $313,000 after acquiring an additional 120 shares in the last quarter. Massachusetts Wealth Management lifted its stake in shares of Public Service Enterprise Group by 2.5% in the 2nd quarter. Massachusetts Wealth Management now owns 5,125 shares of the utilities provider’s stock valued at $431,000 after purchasing an additional 125 shares during the period. Apollon Wealth Management LLC boosted its position in shares of Public Service Enterprise Group by 0.8% during the second quarter. Apollon Wealth Management LLC now owns 15,621 shares of the utilities provider’s stock valued at $1,315,000 after purchasing an additional 126 shares in the last quarter. Finally, Sowell Financial Services LLC grew its stake in Public Service Enterprise Group by 3.1% in the third quarter. Sowell Financial Services LLC now owns 4,525 shares of the utilities provider’s stock worth $378,000 after purchasing an additional 134 shares during the period. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Insider Transactions at Public Service Enterprise Group

In related news, SVP Richard T. Thigpen sold 4,920 shares of the business’s stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $82.33, for a total transaction of $405,063.60. Following the completion of the sale, the senior vice president directly owned 26,134 shares in the company, valued at approximately $2,151,612.22. The trade was a 15.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.19% of the company’s stock.

Public Service Enterprise Group Stock Down 1.2%

PEG stock opened at $77.63 on Thursday. Public Service Enterprise Group Incorporated has a 1-year low of $74.67 and a 1-year high of $91.25. The business has a fifty day moving average price of $80.98 and a 200-day moving average price of $82.62. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.93 and a quick ratio of 0.69. The stock has a market capitalization of $38.75 billion, a P/E ratio of 18.66, a P/E/G ratio of 2.21 and a beta of 0.60.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Monday, November 3rd. The utilities provider reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.11. The business had revenue of $3.23 billion during the quarter, compared to the consensus estimate of $2.80 billion. Public Service Enterprise Group had a net margin of 17.77% and a return on equity of 12.62%. The firm’s revenue was up 22.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.90 EPS. Public Service Enterprise Group has set its FY 2025 guidance at 4.000-4.060 EPS. Equities analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 10th were issued a $0.63 dividend. The ex-dividend date of this dividend was Wednesday, December 10th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.2%. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 60.58%.

Analysts Set New Price Targets

Several equities analysts have commented on PEG shares. JPMorgan Chase & Co. lowered their price objective on Public Service Enterprise Group from $96.00 to $88.00 and set an “overweight” rating for the company in a research report on Friday, December 12th. BMO Capital Markets lowered their price target on shares of Public Service Enterprise Group from $85.00 to $83.00 and set a “market perform” rating for the company in a research report on Tuesday, November 4th. Jefferies Financial Group raised shares of Public Service Enterprise Group from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $89.00 to $90.00 in a research note on Thursday, November 6th. LADENBURG THALM/SH SH upgraded shares of Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $87.50 price objective on the stock in a report on Wednesday. Finally, BTIG Research initiated coverage on shares of Public Service Enterprise Group in a report on Wednesday, October 22nd. They set a “buy” rating and a $98.00 target price for the company. Ten analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $91.35.

Public Service Enterprise Group Profile

Public Service Enterprise Group (NYSE: PEG) is a diversified energy company that operates primarily in New Jersey. Its core businesses include a regulated utility that delivers electric and natural gas service to residential, commercial and industrial customers, as well as generation and energy services operations that participate in wholesale power markets. The company’s activities encompass transmission and distribution, power generation operations, and related energy infrastructure services.

The regulated utility arm, Public Service Electric and Gas Company (PSE&G), is responsible for owning and maintaining electric and gas networks, connecting customers, performing meter and billing services, and managing system reliability and storm response.